East Africa Takes Step Toward Single Currency

Heads of State Reach Agreement for Monetary Union

KAMPALA, Uganda—Heads of state in East Africa on Saturday signed a monetary-union deal, setting the clock on a 10-year timeline for the establishment of a regional single currency.

The agreement, reached at the lakeside resort of Munyonyo in Kampala, came after nearly a decade of talks. Kenya, Uganda, Tanzania and Rwanda will now try to establish institutions—including a regional central bank and a statistics body—to support the...